Mining News

FirstRand to end funding for new coal mines, power plants

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South Africa’s FirstRand will end funding for new coal-fired power stations and coal mines and has lowered the cap on its coal exposure as part of moves to reach net-zero emissions by 2050, it said on Wednesday. South Africa’s banks are the biggest on the continent, with the likes of FirstRand major lenders to fossil fuel projects, especially in oil and gas, and are increasingly under pressure from environmental groups to turn off the taps.

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